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Redeye updates its estimates following Urb-it’s Q3 report that was weaker than expected due to slightly delayed new partnerships. These are now up and running, and Q4, which is the busiest period during the year (Singles day, Black Friday, Cyber Monday, Christmas etc.), should be set to generate sales equivalent to nearly 50% of FY’21E. We also adjust our estimates for the recent directed share issue to Ingka and update our fair value range.
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